Texas Permanent School Fund decreased its stake in Ciena Co. (NYSE:CIEN) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 89,725 shares of the communications equipment provider’s stock after selling 2,845 shares during the period. Texas Permanent School Fund owned 0.06% of Ciena worth $2,803,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Parallel Advisors LLC boosted its holdings in shares of Ciena by 36,042.9% in the 2nd quarter. Parallel Advisors LLC now owns 5,060 shares of the communications equipment provider’s stock valued at $134,000 after buying an additional 5,046 shares in the last quarter. Signaturefd LLC boosted its stake in Ciena by 484.4% during the 2nd quarter. Signaturefd LLC now owns 5,534 shares of the communications equipment provider’s stock worth $147,000 after purchasing an additional 4,587 shares during the period. CenterStar Asset Management LLC acquired a new stake in Ciena during the 3rd quarter worth $159,000. Moneta Group Investment Advisors LLC boosted its stake in Ciena by 102.0% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 6,140 shares of the communications equipment provider’s stock worth $163,000 after purchasing an additional 3,100 shares during the period. Finally, Exane Derivatives acquired a new stake in Ciena during the 2nd quarter worth $190,000.
A number of analysts recently weighed in on the stock. Stifel Nicolaus assumed coverage on shares of Ciena in a research note on Tuesday, October 23rd. They set a “buy” rating and a $35.00 price target for the company. Northland Securities cut shares of Ciena from an “outperform” rating to a “market perform” rating in a research note on Monday, October 1st. UBS Group cut shares of Ciena from a “buy” rating to a “neutral” rating and increased their price target for the stock from $29.50 to $33.00 in a research note on Wednesday, September 26th. Morgan Stanley cut shares of Ciena from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $30.00 to $32.00 in a research note on Thursday, September 13th. Finally, Zacks Investment Research upgraded shares of Ciena from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a research note on Wednesday, September 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the stock. Ciena presently has an average rating of “Buy” and a consensus target price of $32.74.
Shares of Ciena stock opened at $32.02 on Friday. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 1.84 and a beta of 1.20. The company has a quick ratio of 1.76, a current ratio of 1.97 and a debt-to-equity ratio of 0.33. Ciena Co. has a one year low of $19.40 and a one year high of $32.33.
Ciena (NYSE:CIEN) last announced its quarterly earnings data on Thursday, August 30th. The communications equipment provider reported $0.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.12. The company had revenue of $818.82 million during the quarter, compared to the consensus estimate of $792.28 million. Ciena had a net margin of 25.56% and a return on equity of 8.56%. Ciena’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.51 EPS. On average, equities research analysts forecast that Ciena Co. will post 1.1 earnings per share for the current year.
In other Ciena news, CEO Gary B. Smith sold 9,600 shares of the company’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $27.17, for a total transaction of $260,832.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James E. Moylan, Jr. sold 2,000 shares of the company’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $31.75, for a total transaction of $63,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,212 shares of company stock valued at $2,233,222. 1.38% of the stock is owned by insiders.
Ciena Corporation provides hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of voice, video, and data traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking solutions optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching.
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